Author Archives: hksar gov

     Following is the speech by the Chief Executive, Mrs Carrie Lam, at the thematic forum on financial connectivity of the second Belt and Road Forum for International Cooperation in Beijing this morning (April 25):

Minister Liu Kun (Minister of Finance), Governor Yi Gang (Governor of the People’s Bank of China), distinguished guests, ladies and gentlemen,

     Good morning. It’s an honour for me to lead a Hong Kong delegation to attend the second Belt and Road Forum for International Cooperation and a privilege to be invited to speak at this financial connectivity thematic forum.

     Belt and Road is a vision that is driving changes and spurring development across the world. As a Special Administrative Region of the People’s Republic of China blessed with “One Country, Two Systems” and well established international links, Hong Kong aspires to play an active role in this Initiative. With the support of the Central Government, we entered into an Arrangement with the National Development and Reform Commission in December 2017 for advancing Hong Kong’s full participation in and contribution to the Belt and Road Initiative, and in February last year, we hosted a seminar entitled “Strategies and Opportunities under the Belt and Road Initiative – Leveraging Hong Kong’s Advantages, Meeting the Country’s Needs” at the Great Hall of the People here in Beijing.

     In my view, the single most relevant advantage of Hong Kong that could best meet the country’s needs is our financial services given our status as a global financial centre. According to the Global Financial Centre Index, Hong Kong is ranked number three globally, right behind New York and London.

     Many Belt and Road economies aspire to draw foreign investments in infrastructure that underpins core economic activity and improves people’s livelihood. Asian Development Bank estimates a funding demand of US$1.7 trillion each year in developing countries in Asia alone between 2016 and 2030.

     Infrastructure investments are among the most complicated asset classes. Funding of cross-border or regional projects becomes even more challenging. While multiple public financing mechanisms have been put in place, financing the enormous funding needs in the long run calls for private sector involvement.

     To attract more private capital for projects requires deep experience and expertise to assess and manage risks. On this front, the Hong Kong Monetary Authority set up an Infrastructure Financing Facilitation Office (IFFO) in 2016 aiming to bring together like-minded partners with the necessary expertise to improve operational efficiency and reduce project risks. By generating demonstration effect for the market, we believe IFFO would help draw in greater private capital participation on a broader scale. In a similar light, the Hong Kong Insurance Authority launched the Belt and Road Insurance Exchange Facilitation platform last December to pool together key stakeholders to exchange intelligence on risk management and insurance, forge alliances and facilitate networking.

     Hong Kong can also help in many other ways, given our status as a global financial centre. Under the “One Country, Two Systems” principle, Hong Kong has maintained its market-based financial system, underpinned by the rule of law and internationally aligned regulatory regimes. We have a deep capital market, with our stock market boasting the world’s sixth largest capitalisation at US$4.2 trillion, which is over 11 times our GDP. Last year, we topped the world for the sixth time in 10 years in initial public offerings, taking in some US$37 billion.

     We also have one of the largest bond markets in the region, and are developing into a regional hub for green finance. In addition, we are Asia’s second largest international banking centre behind only Japan. Our asset and wealth management sector manages about US$3.1 trillion, two-thirds of that coming from non-Hong Kong investors.

     We are, as well, the biggest offshore Renminbi centre in the world, processing more than 75 per cent of global offshore Renminbi payments. We have vast experience in connecting the Mainland’s capital markets with the rest of the world, where our various mutual market access schemes and recognition of funds have all continued apace to strengthen connectivity that facilitates the two-way flow of cross-border funds. In short, Hong Kong is a one-stop destination of choice to serve as a premier financial and risk management centre for Belt and Road’s big-ticket projects.

     With an unprecedented share of about 65 per cent of world’s population and 40 per cent of global GDP, the Belt and Road will create abundant work, business and investment opportunities in the region. To realise this potential, investment in infrastructure today will lay the foundation for achieving inclusive and sustainable growth. Hong Kong is prepared to work with other economies in the region to make a palpable difference in the joint pursuit of shared win-win economic development.

     I wish you all a very rewarding Forum. Thank you very much.

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     The Electrical and Mechanical Services Department today (April 25) announced an adjustment to the auto-LPG (liquefied petroleum gas) ceiling prices for dedicated LPG filling stations from May 1 to May 31, 2019, in accordance with the terms and conditions of the contracts of the dedicated LPG filling stations.
 
     A department spokesman said that the adjustment on May 1, 2019, reflects the movement of the LPG international price in April 2019. The adjusted auto-LPG ceiling prices for dedicated LPG filling stations will range from $3.37 to $3.92 per litre, representing an increase of $0.07 to $0.08 per litre.
 
     The spokesman said that the auto-LPG ceiling prices were adjusted according to a specified pricing formula. The formula comprises two elements – the LPG international price and the LPG operating price. The LPG international price is the LPG international price of the preceding month. The LPG operating price is adjusted on the first day of February every year according to the movement in the Composite Consumer Price Index in the previous year.
 
     The auto-LPG ceiling prices for respective dedicated LPG filling stations in May 2019 are as follows:
 

Location of dedicated LPG filling station	Auto-LPG ceiling price in May 2019 (HK$/litre)	Auto-LPG  ceiling price in  ​April 2019 (HK$/litre)
Fung Yip Street, Chai Wan	3.92	3.84
Ngo Cheung Road, West Kowloon	3.92	3.84
Sham Mong Road, Mei Foo	3.58	3.51
Yip Wong Road, Tuen Mun	3.58	3.51
Marsh Road, Wan Chai	3.58	3.50
Fung Mat Road, Sheung Wan	3.51	3.43
Wai Lok Street, Kwun Tong	3.51	3.43
Yuen Chau Tsai, Tai Po	3.51	3.43
Cheung Yip Street, Kowloon Bay	3.56	3.48
Kwai On Road, Kwai Chung	3.56	3.48
Hang Yiu Street, Ma On Shan	3.37	3.29
Tak Yip Street, Yuen Long	3.37	3.29

     â€‹The spokesman said that the details of the LPG international price and the auto-LPG ceiling price of each dedicated LPG filling station have been uploaded to the department website www.emsd.gov.hk. They are also posted at dedicated LPG filling stations to enable the trades to monitor the price adjustment.
 
     Details of the pricing adjustment mechanism for dedicated LPG filling stations can also be viewed under the “What’s New” section of the department website at www.emsd.gov.hk/en/what_s_new/current/index.html. read more

     The Customs and Excise Department (Hong Kong Customs) will start a recruitment exercise tomorrow (April 26) to recruit around 90 Probationary Inspectors in order to cater for the development needs of the department. This is the first round of the Inspector recruitment exercise after Hong Kong Customs obtained accreditation approval from the Hong Kong Council for Accreditation of Academic and Vocational Qualifications in December 2018 to include its induction programmes for Inspectors and Customs Officers in the Qualifications Register (QR). Lasting for 12 days, the application period for the post closes on May 7.

     Candidates appointed will be invited to undergo a 24-week residential training programme and will be awarded a Professional Diploma in Customs Management for Inspectors at Qualifications Framework (QF) Level 5 (pitched at the same QF level as a local Bachelor’s Degree) upon their completion of the induction programme.

     The main duties of an Inspector of Customs and Excise are leading and executing law enforcement actions in respect of revenue protection and collection, anti-narcotics and anti-smuggling as well as intellectual property rights protection. Assisting in staff management and office administration and taking a supervisory role in daily operations are also among the job duties.

     Recruited members are subject to discipline under the Customs and Excise Service Ordinance and are required to wear uniform, carry firearms, work irregular hours and work in an area outside the Hong Kong Special Administrative Region (HKSAR) as required.

     Commencing in mid-June this year, the selection process includes written examinations (Part I and II), group discussion,  leadership exercise, physical fitness test, Basic Law test and a selection interview.

     Candidates who successfully pass the selection process will be invited to undergo training at Hong Kong Customs College by the second quarter of next year at the soonest. The core programme of the Inspector Induction Course is highly diversified and covers the introduction of the HKSAR Government structure, legal knowledge and working procedures, roles and missions of Hong Kong Customs and the responsibilities of an Inspector of Customs and Excise. The curriculum also includes foot drill and firearms training, leadership training, team-building exercises, supervisory skills and physical training. Training in sports climbing, abseiling, basic first aid, self-defence and water safety is also included in the programme. Other training items include the Basic Law, basic Putonghua, national studies, community service, cross-country training and performance appraisal writing skills.

     With the approval to include Hong Kong Customs’ induction programmes for Inspectors and Customs Officers in the QR, the department has become the second disciplinary force in Hong Kong after the Hong Kong Police Force to offer QF-recognised induction programmes to staff of both the rank-and-file and officer grades. The Customs and Excise Training School has also been renamed as Hong Kong Customs College since January 1 this year, marking a new era for the department’s manpower training. 

     The entry point for the post of Inspector of Customs and Excise ranges from Points 7 to 9 ($39,310 to $43,845 per month) in the General Disciplined Services (Officer) Pay Scale, commensurate with respective educational qualifications, and the maximum pay point is Point 21 ($70,970 per month).

     Salaries and incremental dates are subject to the provisions of the Civil Service Regulations. Successful candidates will be appointed to the rank of Inspector of Customs and Excise on probationary terms for three years. Upon the completion of probation and passage of the promotion qualification examination, an Inspector with satisfactory working performance may be promoted to the rank of Senior Inspector or even higher ranks.

     Hong Kong Customs welcomes candidates with exceptional accountability and leadership, who share the mission and values of the department and are interested in its diverse duties, to join the department and serve the community.

     Interested persons may visit the website of Hong Kong Customs at www.customs.gov.hk for the entry requirements of the post and other information in detail.

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The following is issued on behalf of the Hospital Authority:

     During the service demand surge, the Hospital Authority (HA) is closely monitoring the service demand of Accident and Emergency Departments and the occupancy rate in public hospitals. Key service statistics are being issued daily for public information. Details are in the appended table.
 
     In addition, the weekly bulletin “Surge in Brief” (appended) will be issued every Thursday to illustrate the past month’s trends of key service statistics in public hospitals. “Surge in Brief” can be accessed in the HA Winter Surge designated webpage (www.ha.org.hk/goto/wintersurge/en). read more

     The Financial Secretary, Mr Paul Chan, today (April 24) in Beijing called on the Chairman of the China Securities Regulatory Commission (CSRC) to enhance co-operation on the finance front between Hong Kong and the Mainland. 

     This afternoon, Mr Chan, accompanied by the Director of the Office of the Government of the Hong Kong Special Administrative Region (HKSAR) in Beijing, Mr John Leung, held a meeting with the Chairman of the CSRC, Mr Yi Huiman. 

     He expressed his thanks to the CSRC for its support in consolidating and raising Hong Kong’s status as an international financial centre and a global offshore Renminbi business hub.

     Mr Chan briefed Mr Yi on the latest developments of Hong Kong’s economic situation and its financial industry, in particular details of how the Government maintains financial security and stability.

     Both sides expressed hope for enhancing the development of the mutual market access schemes and including more investment products in the schemes for promoting closer collaboration between the financial markets of the two places.

     Mr Chan will attend the second Belt and Road Forum for International Cooperation, which will start tomorrow (April 25), as part of the HKSAR delegation. He will return to Hong Kong in the morning on Saturday (April 27).

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